Malaysia Gold Price Surges Today: What This Unexpected Spike Means for Your Investment Strategy
Gold is shimmering a bit brighter in Malaysia this Monday, climbing to 550.91 Ringgits per gram — up from last Friday’s 545.73. Ever wonder why a shiny metal tangled in history still holds such sway over our wallets and worries? It’s not just about the sparkle or fancy jewelry. Gold’s this fascinating safe-haven asset that investors clutch when the storms of uncertainty brew. From central banks bolstering their reserves to everyday folks eyeing it as a hedge against inflation, gold’s price twists and turns with global politics, currency dances, and economic shakes. So, what’s fueling this latest uptick in Malaysian gold prices? Let’s dig into the details that make this ancient treasure still a force to reckon with today. LEARN MORE
Gold prices rose in Malaysia on Monday, according to data compiled by FXStreet.
The price for Gold stood at 550.91 Malaysian Ringgits (MYR) per gram, up compared with the MYR 545.73 it cost on Friday.
The price for Gold increased to MYR 6,425.67 per tola from MYR 6,365.25 per tola on friday.
| Unit measure | Gold Price in MYR |
|---|---|
| 1 Gram | 550.91 |
| 10 Grams | 5,509.07 |
| Tola | 6,425.67 |
| Troy Ounce | 17,135.29 |
FXStreet calculates Gold prices in Malaysia by adapting international prices (USD/MYR)
to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of
publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
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